Secured credit cards from "prime" lenders

Secured credit cards from "prime" lenders

The rash of closed and cancelled secure credit cards got me thinking. Maybe we can start a list of reputable lenders who offer secured cards for those who are looking to get one. Please note that I'm not endorsing or recommending any particular card or lender-- I'm just making a list after I review banks that I'm finding in the online yellow pages (using random major city criteria). Or, from what I've read or experienced, and can confirm from the bank's website. Please add to this list if you can. Here's what I've come up with so far for prime lenders, in no particular order:

Wells Fargo: Secured VisaA Secured Visa Card works like any other credit card, and can be used wherever Visa credit cards are accepted, but requires a deposit. You deposit $300-$10,000 into a "collateral account." Your credit line will directly reflect the amount of your deposit. You still need to make monthly payments toward any balance you accrue, as with any other credit card. After 12 months, you may be eligible to graduate to an unsecured credit card, and get back the money you deposited in your collateral account. Eligibility You must be at least 18 years old, not have declared bankruptcy within the past 12 months, and not have any unsettled liens.

US Bank: Secured Visa Credit CardOnce you've demonstrated good credit habits, you'll be well on your way to getting a good credit rating. When you have managed all of your credit obligations responsibly for 12 months, we may be able to move you to another great credit card product without requiring you to secure your credit line. It's easy. All you need to do is send us a cashier's check, a certified check, or a money order with your credit card application (from $300 to $5,000) to open a savings account. Then, once you're approved, we'll send you a credit card. Your credit line will be the same amount as your deposit. It looks and works just like any other credit card when you use it at a restaurant or store.

Midwest Bank and Trust: Secured Visa CardIf you need to improve or re-establish your credit history, here's a great way to begin that process. With the Secured Visa Card, you establish a savings account that is pledged as security for your credit card account. You'll enjoy the convenience of credit including the option to carry a balance while earning interest on your savings account. Special Offers: Receive up to a $5000 credit limit. Purchase APR: Prime + 14.99%. See terms and Conditions for complete details. Annual Fee: $35. Minimum Requirements: Applicant must be 18 years of age, have a U.S. address, and a Social Security number. A minimum security deposit of $300 is required ($5000 maximum).

Mutual of Omaha Bank: Secured Visa Card

Offered by Elan Financial Services. The details are the same as Midwest Bank and Trust.

Re: Secured credit cards from "prime" lenders

lil mirth

great idea the only thing i can add about one of them may b important to some..us bank only offers their secured card to people in certain states..for example i'm in alabama and they don't offer their secured card here..ALSO you can't have their secured card if you have filed bk and some of the others you can for example,boa i got a boa to get my foot in the door, not that it matters i never had a boa card and it was not included in my bk either..

also per another post after jan 12 i dont think some provider ( forgot who) is offering a secured card

Re: Secured credit cards from "prime" lenders

bamagirl--I believe it is WaMu that is discontinuing their secured CC's due to their part in Chase.

I didn't realize US Bank only offered their card in certain states. I have one in Wisconsin that I have been happy with. They told me when I applied that I would get approved no matter how many baddies were on my report or how low my score was--they only cared about bk's. However, I have had a tough time getting it upgraded to unsecured. My Fico was in the mid-to-upper 600's when I reached my one-year anniversary and they would not unsecure me even though I never went overlimit or missed a payment. I tried a backdoor # to US Bank underwriting, and the person I talked to hinted around that I was just below their Fico cutoff. Shortly after, my Fico's dive-bombed due to a judgement which I just managed to get dismissed a couple weeks ago (still showing on my reports) and a whole bunch of med collections that popped up from my ex-wife that occured when we were still married. I will try again to get unsecured when those are all off my CR's (I have paid the med collections after getting a signed agreement from the CA that they will be deleted--they have started to disappear, but not all at once like I had hoped).

Re: Secured credit cards from "prime" lenders

creditaddict--do you have confirmation that 680 is the magic number? That would make sense since the underwriting rep I spoke with made it sound like I was REALLY close. I pulled my score from MyFico the same day as US Bank and it was 678 when I pulled it, which was right after they pulled it since the inquiry was already showing up on that day. Three weeks earlier I was at 682 but they wouldn't even pull then since it was short of my one year anniversary.

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Many factors affect your FICO Scores and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating.
FTC's website on credit.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.